American Dream Savings is a program that assists tenants of rental properties by educating them in budgeting, finances, home ownership, and in saving money to purchase their own home.
ADS was designed due to the recent collapse of the mortgage sub-prime financial market. We believe, with this program, graduating members will reap the rewards of not only a substantial yield on investment but a wealth of knowledge gained throughout the process. Purchasing a home is the largest transaction most of us will make so it needs to be handled in the care of experts and teachers who can explain it so that you can live it. Classes will be offered to teach the critical points to obtaining and maintaining a home. In addition, each month the tenant will deposit a set amount into their account. Statements are sent to them each quarter which will show how much is in the account, interest earned, and how much they would have to spend if they purchased a home right now. This would include the contribution from "ADS", which is currently $.50 for every $1.00 (maximum of 1.5% of the homes purchase price).
Participants will be able to utilize our experts in the specialized areas within the program to keep the quality of service high. Experts such as Realtors, mortgage professionals, home inspectors, and credit restoration specialists whom are all registered with the state and work exclusively for ADS. A preliminary review of your situation will be determined and some of the steps we will provide are:
1. Assist tenants in restoring their credit rating.
2. Educate tenants in the home buying process and financial discipline.
3. Work with tenants to save money for down payment and closing costs.
4. Contribute to the tenants savings to increase purchase power.
5. Assist tenants in the home buying process
How much can I afford?
This is a question you will want to get answered when beginning the ADS program and our staff of experts is readily available to help you. For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This does not have to be the case. Our goal is to not only help you save money for your home, but to educate you every step of the way. Using our mortgage calculator will help you see how your down payment, monthly payment and the amount you borrow are all interrelated. It will also show you an amortized comparison of where you are likely to be whether renting or owning, in years to come.
We can help you answer any questions you have about the American Dream Savings process. Since we are local, the best way to begin is to sit and talk with one of our ADS advisors to discuss your current financial situation, your future goals and how soon home ownership is right for you. To get started, simply complete the contact information here and someone from ADS will be in touch the same day to help you get started. Be sure to let us know what time of day is best to reach you.
